IMF cuts global growth forecast for 2023, oil prices slide

After Nasdaq tumbled to its two-year low at the end of Monday's trading window, it rebounded by 0.11 per cent on Tuesday. Meanwhile, S&P rose 0.53 per cent and Dow Jones Industrial Average jumped 1.23 per cent or 358 points.

The United States Treasury Department said on Tuesday that cryptocurrency exchange Bittrex Inc was fined about $53 million to settle "apparent violations" of U.S. sanctions on certain countries and anti-money laundering laws. 
 

Bank of New York Mellon Corporation is adding cryptocurrencies to assets that it holds as a custody manager, as it looks to attract a diverse set of investors and traders by tapping into the popularity of bitcoins and ethers. 

The UK stock market once again closed in the red. The FTSE 100 index has closed 74 points lower at 6885 points, down 1% today.

The Bank of England has bought £1.363bn of conventional long-dated UK government bonds, in its latest daily operation to calm markets.

The United Nations’ Development Programme (UNDP) has said in its latest report that 54 countries, accounting for more than half of the world’s poorest people, now need immediate debt relief to avoid even more extreme poverty and give them a chance of dealing with climate change.

The world’s biggest oil-producing nations cutting production at a time of soaring energy costs is “unhelpful and unwise” for global economic growth, the US Treasury secretary has warned, amid intense pressure from sky-high inflation.

The six biggest United States banks are expected to set aside nearly $5 billion in the third quarter to cover future loan losses, Wall Street analysts said, as lenders brace for a potential global recession. 

HSBC Global Private Banking has launched its business in the large Chinese cities of Chengdu and Hangzhou, it said on Tuesday, to try to capture a bigger share of the local market as uncertainties cloud potential for China's wealth growth. 

IMF cuts India’s GDP growth forecast to 6.8% for FY23, India remains on track to be one of the fastest-growing economies in the world

The International Monetary Fund predicts global growth will slow to 2.7 per cent next year, 0.2 percentage points lower than its July forecast, and anticipates 2023 will feel like a recession for millions around the world.
 

Banks in Britain must have an alternative in place before closing a branch or free-to-use cash machine, the Financial Conduct Authority said on Tuesday in tougher guidance for lenders. 

Amazon fired up the holiday shopping season with its second major sales event of the year as rivals from Walmart to Best Buy joined in with discounts to woo customers grappling with inflation-squeezed Christmas budgets.

Oil slid more than 2% on Tuesday, extending losses of nearly 2% in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand. 
 

Global economic output contracted for a second straight month in September, adding to signs that businesses around the world are reporting the toughest conditions outside of pandemic lockdowns since the global financial crisis.

World stocks headed back towards their lowest levels in almost two years on Tuesday, with sentiment weighed down by unease about rapidly rising interest rates, an escalation in the Ukraine war and China stepping up pandemic measures. There was a modest respite for Britain’s battered bond market after the Bank of England said it would start purchasing inflation-linked debt.

The Bank of England (BoE) has announced that they will be buying more and more government bonds in an attempt to stablise the British economy. The decision was taken after the institution issued a fresh warning of a "material risk" to financial stability. The UK market has been extremely unstable since the announcement of the recent tax cuts by the government.